The London Market Group’s five-point-plan asks for regulatory and legislative changes to enhance its competitive position.
Airmic supports a five-point-plan published by the London Market Group (LMG), which asks for regulatory and legislative changes to help grow the London insurance market, and take full advantage of opportunities open to the UK.
The five-point plan calls for government, regulators and industry to work together to:
It is the LMG’s role to bring together the London insurance market’s core constituencies: Lloyd’s itself; the Lloyd’s Market Association (LMA), representing the market’s carriers; the London and International Insurance Brokers’ Association (LIIBA), to represent London market intermediaries; and the International Underwriting Association of London (IUA), representing the London companies market beyond Lloyd’s.
“Airmic offers support to the LMG five-point plan and the associated report. We firmly believe that collaboration is key to the continued future success of the UK insurance industry and the London market,” said Julia Graham, Airmic’s CEO.
Sean McGovern, CEO of UK and Lloyd’s at AXA XL and sponsor of LMG’s government relations work, commented on its new plan.
“Right now, the UK government is looking at how financial services should evolve in a post-Brexit world, and the London market wants to seize the moment while there is a willingness to support positive change that can benefit the insurance industry,” said McGovern.
“The LMG has taken part in various government consultations on the future regulatory framework and Solvency II. This document will form the backbone of a comprehensive campaign by the LMG, working with ministers, parliamentarians and the regulators to reinforce the importance of the insurance market and to ask for what it needs to continue to grow globally,” he added.